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October 13, 2014

Getting Serious About Health Care

I'm not technically a milennial but I'm only a couple years removed. I certainly identify with many of the challenges facing their generation. I mention this because they are the most financually burdened generation. And I just read that 72% essentially do not know how to gauge what health care costs. 46% are not prepared to pay out-of-pocket health-related expenses.

In fact, the 2014 Aflac WorkForces Report found that only 15% of millennial workers agree that managing health care expenses is an important part of their financial plan, and 19% say they don’t consider health care expenses a part of a financial plan at all.

SAY WHAT?!

I was talking about health insurance with friends yesterday at brunch and I couldn't help but think about what an overwhelming thing it is. How many of us have stared at those forms? When I begin any job, I put a lot of effort into prcrastinating those forms. Inevitably I have to call one or more relatives for help.

Here are the conclusions I've come to, though, about health care; about signing up for health care.

Don't mess around. Is there anything more worth investing in than your health?

Think of health insurance premiums as a monthly budget essential like rent, rather than a discretionary expense, like entertainment.

Educate yourself about how your insurance deductible works. Choosing a plan with a low monthly premium and a high deductible may give you more money in your paycheck, but could also result in unaffordable payments if you need medical care beyond covered preventive services.

I

f your company offers a health savings account as part of a high deductible health plan, contribute as much as the plan allows so you’ll have money set aside to help meet the deductible and other payments. (This is a hard decision to make when you live paycheck to paycheck. But you'll be glad you did later.)

Consider adding voluntary insurance products for more financial protection. Accident and Critical Illness plans work hand-in-hand with major medical plans, providing benefits to help policyholders with health-related costs their primary insurance may not cover. Those policies can also be used to help with out-of-pocket costs and other expenses that continue to roll in even if you’re too ill or injured to work.

I was selected for this opportunity as a member of Clever Girls Collective and the content and opinions expressed here are all my own.